In this workout, we're going to calculate the equity investment required under three different scenarios. And in the three different scenarios, we're going to have different debt capacity or leverage multiples. In the first example, we have a deal that's being financed by a bank loan. The EV multiple or acquisition multiple is 12 times. This is based on EBITDA, which is given right below at 100. The acquisition price, therefore is the 12 times the 100 of LTM EBITDA. Now, this 1200 is going to be financed, and the cap on the debt financing portion is six times the same LTM EBITDA. So the maximum amount of debt that we can use here is six times 100 or 600. This means that the equity investment for the deal is going to be 1200, minus the 600 or 600. Now let's take a look at how this deal might shake out in a second scenario. This being financed by private credit, which of course has the ability to increase the leverage multiple, primarily due to the fact that it's not subject to the same regulatory requirements and oversight. The acquisition multiple, again, will be the 12 x times the 100, and that gives us a price of 1200 that has to be financed. We can now apply a six and a half times multiple to the 100 of EBITDA and that means we've got an extra 50 of debt. So in this example, what we're gonna do is we're gonna take that extra 50 of debt and we're gonna use it to reduce the equity investment. Now, this will set the private equity sponsor up for potentially a better return at the end because a lower investment can bring about a better return. Now, in the final scenario, we're going to look at this private credit funding again, only this time what's going to happen is we're going to take the extra 50 of funding that's brought about because of that higher leverage multiple, and we're gonna apply it to the purchase price. Now, why would we do this? Well, by bringing in a private credit backer and increasing the leverage multiple, what that has done is it's given the equity sponsor the ability to go out and make a higher bid for the asset. So yes, similar to the bank loan scenario, the equity investment is now back to being 600, but they might have a better chance of actually winning the asset now because they've been able to stretch the financing a little bit more.